2024: A Record Year for the Housing Market

From the all-time high cost of buying a home to historically high rents, a recent report breaks down the record-breaking figures set by the housing market throughout the course of 2024
July 9, 2025
2 min read

High housing costs are not new, but in 2024, records were set for the lack of affordability across the U.S. Housing market. The latest State of the Nation’s Housing report from the Joint Center for Housing Studies of Harvard University outlines some of these record-breaking costs that have impacted renters, homeowners, and those looking to buy. 

In 2024, records related to the high cost of buying a home were beat

The median existing-home price hit a record high of $412,500, exceeding $400,000 for the first time in 2024. With this increase, the monthly mortgage payment on the median-priced home also hit a record high of $2,560, which is 40% higher than in 1990—even after accounting for inflation.

High costs contributed to record low levels of market activity

As home prices reached unattainable levels for the typical household, the average homeownership age for first-time buyers reached a record high of 38 years old. The year also saw the lowest number of existing home sales since 1995 at 4.06 million and the first decline in the number of homeowners in 8 years.

In 2025, home prices have cooled, but they remain at unattainable levels for many would-be buyers

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